NIFTY

Hi shabbir

Today Nifty touches the low of 5883 levels.. It breaks the support of 5930.. will it consolidate between these levels or will it bounce back? Ur views ?

 

Shabbir,
Nifty today closed at 5852.50, just a shade above the great support mark of 5850.. I really feel that the nifty is just trading between the range of 5950 and 5850 levels and seeming to form a very strong base.. I think that it might not go below the 5850 mark any further.. On 7th Feb, I can see a Doji getting formed indicating a trend reversal..

What is your views on the nifty levels?.. Do you see a further slide in the next coming trading sessions?..

 

Adding to my post above, the RSI indicator is also showing a over sold trend.. Taking all these into consideration, I feel that the nifty might not go below much from the current levels..

 

With the today's crash if it were suppose to go down below 5850 levels, it would have gone down today itself.. Since it didnt go down and held that level, I am predicting that it may not go down.. But your point is well taken.. Lets wait and watch if it bounces back from this level tomorrow and in the next coming week.. Thanks..

 

Shabbir,
After today's huge fall, where do you see the next support levels for Nifty?.. I can see a previous resistance becoming a support now at around 5775 levels.. Otherwise the previous support levels are 5585 and 5550.. Do you agree with this?..

 

Shabbir,
At what levels do you suggest the re-entry in the market?.. Most of the stocks got hammered alot in the recent few trading sessions and are available at very good price.. Do you suggest purchasing now and going long?.. Or Do you suggest to wait for Nifty to bounce back substantially from lower levels and then enter into it?..

 

Sure.. Thanks alot for your guidance..